GME and AMC Stock News: 8 Things to Know About the Petition Riling Up Retail Investors

GameStop (NYSE:GME) stock and AMC Entertainment (NYSE:AMC) shares are in the news today as retail investors share a petition concerning the two companies.

AMC movie theater front glowing in the setting sun with the name shining bright red. AMC stock.

Source: Ian Dewar Photography / Shutterstock

Let’s dive into everything investors need to know about that petition below.

  • The petition calls on the U.S. Securities and Exchange Commission (SEC) to make use of Rule 304 (a)(4).
  • It specifically calls out Gary Gensler, Rep. Elizabeth Warren, Rep. Blaine Luetkemeyer, Rep. Katie Porter and Rep. Patrick McHenry to enact the rule.
  • This has the creators of the petition seeking for the removal of GME and AMC stock from dark pools.
  • But what exactly is a dark pool?
  • According to Investopedia, dark pools are “private exchanges for trading securities that are not accessible by the investing public.”
  • These dark pools allow institutional investors to take part in block trading without transparency.
  • This lets them make large orders without affecting the market with adverse prices from their trades.
  • The petition was published today and currently has some 6,5000 signatures.

The following is a portion of the petition to remove GME and AMC stock from dark pools.

“These stocks have experience[d] trading and buying halts, the most recent trading halt was Tuesday March 2, 2022. The halts have only served the interest of hedge funds, market makers, prime brokers and banks. If the SEC and the government wants to prove it is advocating for retail investors, the halts need to benefit retail investors as well. We have paid attention to the way LME halted the nickel squeeze in favor of the 1%, that CANNOT happen here!”

GME stock is down slightly and AMC stock is slipping 3.1% as of Wednesday morning.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

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